GE Vernova 10-Q Backs Up Q3 Beat: $12.6B Revenue, $6.7B Nine-Month Net Income, $196.7B Backlog
GEV sits 74% above its 52-week low of $530.16.
Summary
GE Vernova's Q3 10-Q confirms $12.6B of quarterly revenue and $6.7B of nine-month net income, though $4.0B of that profit came from one-time deal gains. Cash reached $16.8B on $15.3B of nine-month free cash flow, and backlog stands at $196.7B.
Key Events · Earnings and Guidance · GEV
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Q3 Revenue Jumps 27% to $12.6B
Total revenues rose to $12,642M from $9,969M, with equipment sales up 42% to $8,340M; gross margin expanded to 24.6% from 19.0%.
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Nine-Month Profit Flattered by Deal Gains
Net income attributable to GE Vernova was $6,704M, including a $3,992M pre-tax gain on remeasuring the prior 50% Prolec GE stake and a $366M gain on the Proficy sale; operating income was $2,227M.
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Cash Builds to $16.8B on $15.3B FCF
Nine-month operating cash flow was $16,737M and free cash flow $15,307M, lifting cash and equivalents to $16,764M versus $8,848M at year-end 2025.
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Backlog Reaches $196.7B
Remaining performance obligation rose $46.5B (31%) from December 31, 2025, led by Gas Power equipment and services and Nuclear Power services.
Analysis · GEV · Manufacturing
This 10-Q is the detailed version of the earnings release filed minutes earlier, and it carries facts the headline 8-K did not. Nine-month net income of $6,704M is inflated by $4.0B of one-time gains — $3,992M from remeasuring the previously held 50% Prolec GE stake and $366M from selling Proficy — so operating income of $2,227M is the cleaner read on the business. Cash generation is the real story: $16.7B of operating cash flow and $15.3B of free cash flow in nine months, lifting cash to $16.8B against just $2.6B of debt after February's $2.6B senior notes issue. Two items deserve attention: the IRS audit of GE's 2016-2020 returns could produce material indemnification payments to GE that are not accrued or estimable, and Wind remains a drag at $(585)M of nine-month segment EBITDA even as Power and Electrification margins expand.
How filings like this one have moved
In the 30 days to Oct 28, 2026, 36.5% of the 953 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.66%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, GEV was trading at $920.00 on NYSE in the Manufacturing sector, with a market capitalization of approximately $238.4B. The 52-week trading range was $530.16 to $1,195.94. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.